Can you add someone to the title of a car?
 

A few years ago I sold my son a 911 I bought originally in 2007. He's getting out of the Army and has 2, soon to be 3, young kids. He doesn't use the car and wants to sell it back to me. You can only use the gift exemption to avoid sales tax once on a vehicle. We did that when I sold it to him. We talked about just adding me to the title. He'll eventually get the car back anyway. I realize different states will have different rules, but was curious to know if anyone has done this with a family member? It will save about $3,500.

http://forums.pelicanparts.com/uploa...1721745305.jpg

Here in Oklahoma yes, it is easy.

I’ve done it in AZ.

Option was either a “or” and “and”… when it’s time to sell, you need either both parties or just one.

Have him establish a revocable trust and title it in the name of the trust with you and him as trustees.
It's crazy to retitle it in your name, pay the tax, and then sell it back to him later and pay the tax again.
In Ohio at least, transferring something you own into a trust you own (no matter who the trustees are) is a non-taxable event.

Cant answer your question in your state, but FM 10's look great on that car .

I did it in VA for a friend who needed a car. I had a couple of excess ones during the split from the first Mrs. Beard. He paid me in monthly installments and would forfeit the car if he returned to England. After making all the payments, I was removed from the title. We did this over 15 months.

I’d check into insurance issues.

When a car is involved in an accident, the other driver automatically sues everyone who is on the title.

In CA you can put whomever on the title, just pay the title transfer fee.

Also, you can put the title of the car into a trust. And if you have any meaningful assets, you should have a trust.

Why do you need to change it?

Keep his name, you pay him for the insurance and the purchase of the car and you enjoy it.

You need to put it in your trust. If you do not have a trust, create one

Ha. Timely response. Just last week, my 17-year-old daughter asked about putting her name on the title of our 964 so that she could drive it and be insured (it has collector's insurance, and the stipulation is that only people on the title can drive the car). Hopefully she doesn't read this thread...

Gift it to him for $1

He's your son. He is simply loaning the car to you for a period of time. As stated, just reimburse him for the insurance and enjoy the car. If it helps, have him call his insurance company and find out if there are any stipulations around loaning a car to someone. You said you'll be giving it back to him eventually anyway.

How many of us have "loaned" a car to a son or daughter to use while in college (4-6 years)? I certianly have. This seems no different.

If you put your name on the title along with his, you are both legal owners. When he inherits it back, he will already own it. I assume he trusts you will insure it, so no real issues.